It is challenging to find the right employee, but keeping a great specialist is even more difficult. This is an entirely new challenge, if not a problematic strategic task. One of the first signs that an employee is about to leave the company or will soon do so is the loss of engagement in the work process. You can make employees as involved as possible at work with the help of well-thought-out retention strategies, which will be discussed below, but first…
Checklist: What you need to remember when recruiting a specialist
- Determine the personal and professional profile of the candidate. Write down the specific skills, abilities, and qualities that a person should have for a particular job.
- Select resumes that fit your profile with the help of international PEO services. Look at the relevance of the experience and career path of the candidate: whether he often changed companies and areas of work, is there any additional education in the area you need.
- Pay attention to the details in the interview. Find out what the candidate’s vision is and what your expectations are.
- Help the new employee join the work and adapt to the team. Make a plan to get to know the responsibilities and team by day.
Why is it essential to retain talent?
The COVID-19 crisis has deeply impacted the talent management industry, forcing businesses to adopt new rules of the game. In addition, the corporate culture has changed dramatically.
Google searches for “work from home” grew many times in March 2020 compared to 2019. And holding on to Gen Z and millennials just got more complicated. According to a Forbes report, about half of millennials will leave their current jobs in the next two years. Therefore, the strategies for retention of employees before, during, and after a pandemic will be very different. So companies need to be on the lookout for all the trends and benefits they can hold onto talent.
Hiring employees who share and are in line with the company’s values
Employees can develop professional skills and abilities, but if they do not initially share their values, you cannot teach them. By initially hiring the right people, you will get loyal and engaged employees. Newcomers who are close to the company’s values and culture can quickly integrate into the team because they feel comfortable and confident.
80% of employee layoffs occur precisely because of wrong decisions during hiring. Therefore, during the interview, go outside the box and ask questions related to your company’s values. Explain how important their role is and what results you expect from the work.
Reward not only results but also efforts
The results obtained are much easier to measure than the effort that went into them. We were in a situation where we worked very hard but did not get the desired result. On the other hand, a colleague did everything quickly and efficiently. And not because we are less competent, but because everything does not always go as we planned for ourselves.
Companies must understand reality and acknowledge their efforts. For example, your company will reward employees based on how much they have helped their colleagues in the future.
Employee wellbeing and health
After the outbreak of COVID-19, health has become a priority for absolutely everyone. To retain employees, show them attention and care by providing more than just sick leaves and free medical examinations. For example, your company might give its employees a week off to help deal with burnout. During the week, employees must turn off all instant messengers, emails and not go online. A week without social networks, instant messengers, or detox, in general, is designed to help prevent burnout so that employees are not distracted by emails, meeting reminders, questions about projects, etc., during their holidays.
Maintaining a work-life balance
A considerable number of employees refuse to work if they are unable to maintain a work-life balance because of it. This is especially important for parents who want to succeed in their careers but not sacrifice their families. To relieve this stress, share your workload, provide flexible hours, and organize various family days. This will help keep employees in the company.
Providing monetary benefits
One of the main reasons for the layoff of employees is the lack of compensation. To avoid this, it is vital to give a fair assessment to each employee and regularly raise salaries. You can create the following package of competitive advantages: salary increases, incentives, bonuses, health benefits.
2021 has been stressful and challenging for both employers and employees. Competition in the market for talent has grown exponentially, making it challenging to attract and retain talent.
Choose retention strategies for your company that will fit and reinforce your values, thereby retaining talent. Do not forget about feedback, praise, remuneration of specialists, and then you will have happy employees who will be difficult to lure.
And if this happens, and the employee wants to leave for another place, and the retention methods will not bring the desired effect, calmly release the person, say goodbye to him kindly, without unnecessary emotions and statements. Remember that a person leaves the company, which is a normal stage. Moreover, over time, he can return to you.